/>
X
Business

Pandora shares plunge following debut

In the second day of trading, shares of the online radio company fall below the IPO price.
Written by Larry Dignan, Contributor on

Pandora's high-profile initial public offering has turned into a nightmare as shares fell through the US$16 pricing floor on Thursday.

The online radio company priced its IPO at US$16 a share on Tuesday night. From there, Pandora rocketed north of US$22 on Wednesday. (Shares closed at US$17.42 Wednesday.) That price turned out to be a sweet spot to short-sell Pandora. Shares today cratered 24 percent, closing at US$13.26.

We've noted all the problems with Pandora, but the chart says it all. For Pandora's sake, let's hope it doesn't wind up in CBS News' dot-com IPO hall of shame.

Editorial standards